About Us
Joint Stock Company "Insurance Payments Guarantee Fund" BIN: 030840002921 is the only organization in the Republic of Kazakhstan that guarantees insurance payments to policyholders (insured beneficiaries) in the event of compulsory liquidation of an insurance company.
The Fund is a non-profit organization in the form of a joint-stock company and operates on the basis of the Law of the Republic of Kazakhstan "On the Fund for Guaranteeing Insurance Payments" and constituent documents.
Certificate of state re-registration of a legal entity
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The Joint Stock Company "Insurance Payments Guarantee Fund" (hereinafter - the Fund) was established in August 2003 on the basis of the Resolution of the Board of the National Bank of the Republic of Kazakhstan No. 258 dated July 25, 2003 in order to provide state guarantees to policyholders. State registration in the Department of Justice of Almaty was made on August 14, 2003 (certificate No. 57331-1910-АО). In order to regulate the legal status of the Fund, the procedure for its creation and activities, as well as determine the conditions for the participation of insurance organizations in the Fund and the principles for ensuring control over its activities, on 03.06.2003 No. 423-II, the Law of the Republic of Kazakhstan "On the Fund for Guaranteeing Insurance Payments" was adopted . The Resolution of the Board of the National Bank of the Republic of Kazakhstan dated September 24, 2003 No. 345 approved the Standard Agreement for Participation in the Insurance Payments Guarantee Fund. In November 2003, the Fund began concluding participation agreements with insurance companies in the system of guaranteeing insurance payments. |
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2005 |
On December 5, 2005, the Fund registered a trademark with the Committee for Intellectual Property Rights of the Ministry of Justice of the Republic of Kazakhstan (trademark certificate No. 19398). |
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2008 |
On July 21, 2008, the sole founder, represented by the National Bank of the Republic of Kazakhstan, decided to sell 100% of its shares in the amount of 50,000 shares to insurance organizations - members of the Fund. In order to fulfill the requirement of paragraph 11 of Article 1 of the Law "On the Fund for Guaranteeing Insurance Payments", a Memorandum of Intent was signed by insurance organizations - participants of the Fund to acquire the Fund's shares in the amount determined by the Memorandum. The Memorandum was signed by 31 insurance organizations - participants of the Fund. Since October 01, 2008 insurance companies-participants have become shareholders of the Fund. Simultaneously with the corporatization by insurance companies, the Fund, in accordance with the amendments and additions made to the Law of the Republic of Kazakhstan "On the Fund for Guaranteeing Insurance Payments", was endowed with an additional function: making payments to compensate for harm caused to the life and health of the victim, and (or) burial expenses in cases failure to identify the person who fled the scene of the transport accident and is responsible for causing harm to the victim. |
